in a perpetual inventory system:

uction to Accounting Unit 4 Examination ple Choice Questions (Enter your answers on the enclosed answer sheet) 1. In a perpetual inventory system: Merchandise Inventory is debited every time inventory is purchased cost of Goods Sold is debited every time inventory is sold a physical inventory is taken at least annually All of the above. 21-22 d. 54,S73 2. Under the perpetual inventory system, the purchase of merchandise is recorded b Merchandise Inventory; credit to Accounts Payable or Cash Cost of Goods Sold; credit to Accounts Payable Purchases credit to Acooun b